Sirius Pet Regulatory News (SRSP)

8 May 2015

 Sirius Petroleum Plc

("Sirius" or the "Company")

Convertible Loan of £1,500,000

Sirius Petroleum (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, is pleased to announce that it has entered into a Convertible Loan Facility (the "Loan") with Calvet International Limited ("Calvet"), an international family investment office, for up to £1,500,000 to provide general working capital for the Company.

 Key terms of the Loan are as follows:

· three year term;

· the Loan accrues zero interest;

· Calvet may elect to convert the Loan into new ordinary shares at a price of 1 pence per share (the "Conversion Price"); 

· a commitment fee equal to £100,000 per annum, being a total commitment fee of £300,000 for the full term of the facility ("Commitment Fee"). The Commitment Fee is to be settled in full through the issuance of 30,000,000 new ordinary shares of the Company at a price of 1 pence per share ("Commitment Fee Shares");

· a drawdown fee equal to the amount of each drawdown, to be satisfied through the issue of new ordinary shares at the Conversion Price ("Drawdown Fee");

· At their discretion, Calvet may deliver any undrawn amount of the Loan to the Company and convert any outstanding amounts due to them at the Conversion Price.

Sirius and Calvet have agreed an initial drawdown of £200,000 ("Initial Drawdown"), which Calvet has requested be converted into new ordinary shares in the Company. The Company may request additional tranches of the loan thereafter, up to the maximum facility amount, the availability of which will remain at Calvet's discretion.

This facility is separate to any project funding and will allow Sirius to continue due diligence in respect of projects that the Company is currently considering.

Application for admission to trading on AIM for a total of 70,000,000 new ordinary shares ("New Ordinary Shares"), in respect of the Commitment Fee Shares, the Drawdown Fee and conversion of the Initial Drawdown into ordinary shares, will be made and is expected to occur on or around 12 May 2015 ("Admission"). The New Ordinary Shares will represent approximately 5.9 per cent. of the Company's existing issued share capital which comprises 1,177,625,356 ordinary shares (following the issue of 35,000,000 new ordinary shares admitted to trading today pursuant to the Company's announcement dated 1 May 2015).

The New Ordinary Shares will rank equally in all respects with the Company's existing ordinary shares. Following the issue of the New Ordinary Shares and the Fee Shares, the total number of shares in issue will be 1,247,625,356 (the "Enlarged Share Capital"). This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company following Admission.

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